Contractor insolvency implications outlined in the Red Book 2018

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With all the controversy surrounding IR35 and the Budget, contractors may have missed a crucial piece of information. The Red Book 2018 contains a section that has a significant bearing on contractors who are closing their companies. Contractors may have failed to notice this because the Chancellor only referred to it briefly. He said: “We’ll make HMRC a preferred creditor… Read more »

Loan Charge contractors called “evaders” by Chancellor

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Philip Hammond, the Chancellor of the Exchequer, created a stir when he appeared before the House of Commons Treasury Committee and said that tax avoidance constitutes “tax evasion.” He made this remark in reference to the 2019 Loan Charge. As all taxpayers know, tax evasion is illegal, and there is little sympathy for those who engage in it. However, tax… Read more »

Corporation tax and unpaid VAT bills rise

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A business finance reporter has revealed that unpaid VAT along with unpaid corporation tax is at a five-year high. The figures raise questions about how effective that HMRC’s collection teams really are. Funding Options (FO) said that in 2017/18, unpaid VAT hit £3bn, an increase from £2.5bn in 2013/14. During the same period, unpaid corporation tax rose from a low… Read more »

Number of UK women in STEM roles tops 900,000

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Research by WISE, a campaign for gender balance in technology, science, engineering and maths (STEM) occupations, has shown that the UK is well on its way to meeting its target of having 1 million women employed in this sector by 2020. Currently, there are over 900,000 women working in core STEM occupations, and another 200,000 women with STEM qualifications will… Read more »

Engage Technology Partners and Jumio and join forces to automate right to work verification

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Integrating online identity verification into Engage’s SaaS recruitment platform streamlines time-consuming and manual verification process with state-of-the-art verification technologies. As recruiters will be aware, right to work checks are a compulsory step in the UK recruitment process. Applicants must supply original identity documents, which must be verified as valid, copies retained and a record made of the date the check… Read more »

IR35 clampdown predicted in Budget

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The Treasury is finalising plans to overhaul the tax rules that allow the self-employed “to avoid paying National Insurance Contributions.” according to press reports. Treasury officials commonly use this kind of language to refer to contractors who set up their own limited companies to take on work. The Budget is likely to announce the new rules. It is not known… Read more »

Preparing for MTD

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Making Tax Digital (MTD) for VAT is just six months away, yet recent research by the Institute of Chartered Accountants in England and Wales (ICAEW) revealed that more than 40% of the businesses that will experience effects are still unaware of this. On 13th July 2017, an announcement proclaimed that all businesses that registered for VAT and have a taxable… Read more »

Employment intermediary escapes late filing penalty

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For more than three years, employment businesses, agencies and other employment intermediaries have had to file returns giving the details of individuals that they believe have a legitimate reason for working on a self-employed basis. These establishments must file the returns every quarter. Failure to file a return on time results in a late-filing penalty, the amount of which varies… Read more »

HMRC seeks names and addresses of contractors outside IR35

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A leaked letter to ContractorCalculator has revealed that HMRC is asking for the personal details of any contractors working in the public sector who are continuing via their limited companies to work outside IR35. The letter is now circulating to all public service bodies, requesting them to provide the names of addresses and of all their contractors who work through… Read more »

HMRC abuse of power under spotlight

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Recent hearings of the Lords Select Committee looked at perceived abuse of HMRC’s tax collecting powers. The investigation is part of the Finance Bill Sub-Committee’s inquiry into the draft Finance Bill of 2018. Many of the tax experts who examined HMRC’s approach to tax collection presented evidence that the organisation had abused its powers. The tax experts provided an opinion… Read more »